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Gold futures fall by Rs 63 on weak global cues

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New Delhi: Gold futures today fell Rs 63 to Rs 31,043 per 10 grams as participants indulged in cutting their bets amid a weak global trend.

Besides, continued profit-booking by speculators at prevailing levels also weighed on gold prices.

At the Multi Commodity Exchange, gold prices for delivery in October contracts fell Rs 63 or 0.20 per cent to Rs 31,043 per 10 grams in business turnover of 37 lots.

Also, the metal for delivery in August declined Rs 48 or 0.16 per cent to Rs 30,689 per 10 gram in 655 lots.

Analysts attributed decline in gold prices at futures trade to weak trend overseas where it fell to a three-week low as gains in equities and a stronger dollar curbed demand for the metal as a store of value.

Moreover, profit-booking by speculators at prevailing levels kept pressure on the precious metal, they said.

Meanwhile, gold traded 1.23 per cent down at USD 1,315.30 an ounce in New York yesterday.

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